Nighthawk July 12, 2013 Production Report Press Release
Nighthawk July 12, 2013 Production Report Press Release
12 July 2013
NIGHTHAWK ENERGY PLC
(“Nighthawk” or “the Company”)
Production Update
June average oil production exceeds 1,000 barrels per day
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on production at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado.
Highlights
· Average gross oil production in June 2013 of 1,029 barrels per day (“bbls/day”), a record monthly production level for the projects
· Average gross oil production in second quarter 2013 of 631 bbls/day, a 100% uplift on the first quarter 2013
· Silverton 16-10 well commenced production in early July 2013
· Four wells now in production on Arikaree Creek oil-field
· Testing currently underway on the Snowbird 9-15 well on the Arikaree Creek field
· Total production is currently running at over 1,400 bbls/day
Production
Average gross production levels have continued to increase month-on-month driven by the successful drilling program on the Arikaree Creek oil-field. The Arikaree Creek discovery well, Steamboat Hansen 8-10, has now been in production for over seven months with a steadily increasing production rate over that period and no water production.
The Big Sky 4-11 well commenced production in late May 2013 and was followed by the Taos 1-10 well in mid-June 2013. Since coming on-stream the production rates at both these wells have held steady at around 400 bbls/day and 500 bbls/day respectively, with no water production. With these three wells on-line total production from Arikaree Creek for the second half of June was approximately 1,200 bbls/day.
The fourth well in the Arikaree Creek drilling program, the Silverton 16-10 well has commenced production. The well is still settling down and initial production rates are around 200 bbls/day . Testing is currently underway on the fifth well on Arikaree Creek, the Snowbird 9-15.
Total production from all producing wells is currently running at over 1,400 bbls/day
Gross Oil Production 2013
Month | Total Production
(Barrels of Oil) |
Average Production
(bbls/day) |
Quarter 1 2013 | ||
Jan | 8,677 | 280 |
Feb | 7,950 | 284 |
March | 11,548 | 372 |
Q1 Total | 28,175 | 313 |
Quarter 2 2013 | ||
April | 12,067 | 402 |
May | 14,489 | 468 |
June | 30,869 | 1,029 |
Q2 Total | 57,434 | 631 |
First Half 2013 | 85,609 | 473 |
Stephen Gutteridge, Chairman of Nighthawk, commented:
“The rapid growth in production as a result of the highly successful spring drilling campaign has transformed Nighthawk. At current prices and production levels, monthly net revenues are at a run rate in excess of US$3 million. With a payback on drilling at Arikaree Creek of less than three months and multiple new drilling locations on the field, we look forward to being able to boost production and revenue further with our planned Q4 2013 drilling campaign.”